How can you develop BRMs to navigate complex stakeholder relationships?

In my Experience. The below four are the stake holder eco system : 1, Identify - Recognising/Understanding/Satisfying the potential stake holder's. 2, Strategize - Prioritise stakeholder's 3, Refine - Monitoring/Evaluation/Implementing the requirement. 4, Engage - Regular suggestion/consulting, promotion and Relationship building.

It is important to recognize how various internal specialty departments are likely to play a collaborative role, as the size and complexity of a client, and their needs grow. At early stages in a business' life cycle it becomes important for RMs to avoid using an over complicated solution to meet a client's basic need for the sake of sounding sophisticated as a means to win the sale or relationship with a new client. A service organization, such as a bank, offers several roles that may be well suited for team members that like to manage and leverage a diverse knowledge base to determine and meet client needs, and other roles that are more transactional in nature where services are fulfilled. All are critical to successful outcomes.

We need to Identify and analyze all relevant stakeholders and establish clear communication specific to their needs. We must ensure that the trust is established. Each relationship should be dealt uniquely. We must use feedbacks and learn on conflict resolution and persuasion strategies. We must be agile towards stakeholders. Remember that building and navigating complex stakeholder relationships is an ongoing process that requires agility and a commitment to KAIZEN.

Gather feedback directly from your stakeholders through surveys or interviews. Understand their perceptions of your organization's ability to manage relationships and identify areas for improvement. Evaluate the effectiveness of your communication with stakeholders. Assess whether the right messages are reaching the right people at the right time and through the appropriate channels.

Identify the specific needs and priorities of your organization. Consider the industry, business objectives, and the nature of stakeholder relationships. This assessment will guide the customization of BRM roles.

Collaboration between internal departments can help with design of robust and customized client solutions while building cross-functional competencies. In banking, for example, may Middle-Market companies seek larger lines of credit rather than knowing how to negotiate AR/AP terms to improve cashflow without increasing carrying costs/interest expense. Commercial & Industrial (C&I) Lenders discuss the cash conversion cycle to start a discovery process w/the corporate client, which flushes out future borrowing needs and adds consultative value to the client relationship. Partners in Treasury Management can contribute with additional cost benefit analysis and implementation strategy, adding more value to the client's operational enterprise.

Recognize that the skills and competencies required for successful BRMs may evolve over time due to changes in the business environment, technology, and stakeholder expectations. Implementing a continuous learning and development program ensures that your BRMs stay updated, adaptable, and equipped with the latest tools and insights. For example, conduct scenario-based simulations or role-playing exercises to allow BRMs to practice handling various situations they may encounter in their roles. This can build confidence and competence in real-world scenarios.

With new technologies emerging, corporate enterprise has many tools available to leverage insights from their data. Knowing which KPIs are relevant to their unique business operation is often the key to long term success. The outputs of a technology solution is only part of the equation, however. It is impartive that process and policies are developed and clearly articulated to all stakeholders to meet the corporate objectives. Ensuring people understand their role within the organization and how their contribution makes a difference and plays a part can help with adoption and full understanding of individual roles and responsibilities. Technology is an aid to support employees in the roles they perform, not a replacement for workforce.

Create visual representations of your BRM processes including key touchpoints, decision-making stages, and feedback loops. For example, use process mapping tools to create a workflow for how you will identify, engage, and manage stakeholder relationships over time. Choose tools that align with your defined processes and can streamline activities such as communication, data management, and project collaboration. You can implement a CRM system like Salesforce or HubSpot to centralize stakeholder information, track interactions, and manage communication effectively.

Create an online community platform specifically for your BRM network where professionals can engage in discussions, share resources, and collaborate. Implement a dedicated LinkedIn group or Slack channel where BRM professional peers can connect and exchange ideas. Develop a culture of knowledge sharing within the community. Encourage members to share best practices, case studies, and relevant articles. Recognize and celebrate members who contribute valuable insights or share successful strategies by featuring their contributions in newsletters or during events.